BRC-20 token market cap hits $650 million

The total market capitalization of Bitcoin-based BRC-20 tokens is around $650 million. In the developing segment, the meme token ORDI leads, with a combined market value that surpassed $400 million.

At their peak, the figures exceeded $1 billion and $600 million, respectively.

The daily trading volume of BRC-20 tokens surpassed $200 million. 97% of it is concentrated in ORDI. In early April, the asset traded at about $0.1 versus the current $19.3, multiplying holders’ initial investments by 192 times.

ORDI has been listed on BKEX and Gate.io.

The meme tokens make up the majority of BRC-20 tokens created on the buzzworthy Ordinals project.

The top of the capitalization ranking is also formed by the PEPE, MEME, PIZA and BANK projects, which are noticeably behind the leader.

The system uses a numbering of satoshis (serialization) to record data in “witness” portion of the Bitcoin transaction.

The hype around BRC-20 tokens contributed to a jump in average fees in the Bitcoin network to July 2021 levels ($7).

According to reporter Colin Wu, former Bitcoin SV developers from China play a significant role in the segment’s development. Following the launch of Ordswap, focused on trading BRC-20 tokens, the team unveiled its DEX-analogue called RelayX.

Ordinals Wallet was launched by the creators of Twetch on Bitcoin SV, and the most popular solution Unisat — developers linked to Sensible Contract (the SDK for smart contracts on this network).

The team behind Ordswap, the first BRC20 trading platform, has developed RelayX, the first decentralized trading platform on the BSV network. Behind the wallet Ordinals Wallet is Twetch, a social application built on BSV. The founder of the Mempool mining pool is also a core…

— Wu Blockchain (@WuBlockchain) May 9, 2023

In April, the PEPE token rose by dozens of times, turning some coin holders into millionaires.